# Robustness: Excluding Outlier Countries

| Variable | EMU excl GRC,IRL | EMU large only | CFA excl GNQ | WAEMU only |
|:---|---:|---:|---:|---:|
| Z_1 | -163.3424*** | -226.8969*** | 65.0107** | 16.7730 |
| | (40.4088) | (44.4107) | (28.2045) | (23.5752) |
| Z_2 | 19.7121*** | 29.3400*** | -6.3559 | 0.6863 |
| | (5.2394) | (5.6744) | (4.7151) | (3.9785) |
| Z_3 | -0.6824*** | -1.0640*** | 0.1903 | -0.0848 |
| | (0.1947) | (0.2063) | (0.2063) | (0.1759) |
| fiscal_bal_gdp | -0.0438 | -0.0571 | 0.5401*** | 0.1205*** |
| | (0.0628) | (0.0734) | (0.0612) | (0.0424) |
| nfa_gdp_lag | -0.5335 | 2.6162*** | 0.4167 | -0.0263 |
| | (0.7059) | (0.8352) | (1.0514) | (0.9021) |
| rgdp_growth | 0.0383 | 0.1569*** | 0.0361 | -0.0404 |
| | (0.0363) | (0.0417) | (0.0478) | (0.0320) |
|:---|---:|---:|---:|---:|
| N | 397 | 306 | 490 | 327 |
| R² | 0.0008 | 0.3664 | 0.3598 | 0.2299 |
| Countries | 17 | 11 | 13 | 8 |

*Panel GLS with country and year fixed effects. Tests sensitivity to exclusion of known outliers.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*